In a note to clients on Monday, White raised his price target on Apple shares to $180 from $160. At $180, Apple's market cap would be more than $1 trillion. White maintains a "Buy" rating on shares of the iPhone maker.

In raising his target, White said:

Next month, Apple will enter its first new product category in five years, while media reports over the past several weeks have highlighted potential new areas of future innovation. Also, we believe Apple's iPhone portfolio and position in China have never been stronger. Finally, Apple has shown its commitment to returning cash to shareholders, and we expect more in April.

White says his current model assumes Apple Watch sales of 20.6 million in the first year on the market and sales of 25.1 million in Apple's fiscal-year 2016.

Potential for a car from Apple also excited White, who estimates a $549 billion opportunity in the US market.

In China, Apple has potential to reach 15%-20% of mobile subscribers in the country, giving iPhone a $133-$178 billion opportunity.

In early trade on Monday, Apple shares were up about 1% to trade at $127 per share.